Rwanda News Agency Grands Lacs Hebdo

The Rwanda News Agency website is a newswire based in Kigali. It is neither state-owned nor state-run.

It is a subscription service and you are not logged in, so some content is hidden. Login to access full stories, or register for a free trial.

New Data from CGAP Sets Benchmark for Use of Mobile Financial Services in Rwanda, Ghana

E-mail Print PDF

Kigali: New financial inclusion survey data from CGAP offers a first glimpse into mobile money usage in Ghana and Rwanda, where in both countries 17% of adults have active mobile money accounts.

According to a statement from the World Bank, the nationally representative survey of adults provided interesting insights into how many people are using mobile financial services and for what reason. While Kenya and Tanzania have been previously lauded as mobile money success stories, the survey demonstrates new technology can be effective in other African markets such as Rwanda and Ghana.

The findings show that mobile financial services are proving to be critical to connect people in rural areas or living on less than $2.50 per day with formal financial services. In Rwanda, for example, the survey found that 61% of active mobile money users were located in rural areas, while 72% live on less than $2.50 per day. In these cases, mobile money is proving to be some adults’ first inroad into financial inclusion.

Explore the interactive data visualization

Claudia McKay, Senior Financial Sector Specialist at CGAP noted: “There is a ripe market for products that make it easier, faster and cheaper for people to conduct financial transactions. Now it’s a matter of designing products that fit into the everyday lives of people, especially the poor, and that have a strong business case for providers.”

Rwanda Highlights:

•           23% of adults have a mobile money account;

•           17% of adults in Rwanda have active mobile money accounts;

•           61% of active mobile money account holders are located in rural areas, while 72% lived on less than $2.50 per day;

•           25% of active mobile money users pay bills through their accounts;

•           71% of adults pay for insurance, but only 0.1% do so via mobile money.

Ghana Highlights:

•           20% of adults have a mobile money account;

•           17% of adults have an active mobile money account;

•           Ghanaians are “mobile ready,” in that 92% have the required form of identification to open an account, 95% are numerate, 91% own a mobile phone, and 74% have sent or received text messages;

•           59% of adults pay for insurance, but only 0.1% do so via mobile money.

The survey highlighted that digitizing existing cash payments– such as insurance premiums, savings, or wages - is an opportunity for mobile money to expand in these markets.


 

2010 Elections

Image1 Image2 Image3 Image4 Image5 Image6 Image7

Rwanda: Doing Business

Banner

FAO au Rwanda

Banner